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Pfandbriefe/domestic issuance: * Berlin-Hannoverische Hypothekenbank

Russia * Swedish Export Credit

* Caisse d'Amortissement de la Dette Sociale -- Cades Rating: Aaa/AAA

ENSKILDA, the investment banking arm of SE Banken, has scored a coup with the hire of three executives from its regional competitor Alfred Berg. Per-Anders Ovin will be appointed new global head of equities, a role which will encompass research, trading and distribution. Henric Falkenberg will head up the firm's equity operation in Stockholm. Bjoern Jansson will become global head of equity research.

WARBURG Dillon Read has been appointed global co-ordinator for the $400m sale of Neopost, the world's second largest manufacturer of franking machines. The company will be floated on the Paris market in September in what will be one of the largest corporate deals in the French equity markets over the next few months. New issue activity in the third and fourth quarter will be dominated by the government's privatisation programme. But investors will also have their pick of privately owned equity through sales such as Neopost.

* Merrill Lynch & Co Rating: Aa3/AA-

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* Deutsche Bank -- DB Ireland plc Guarantor: Deutsche Bank AG

India The mandate for the $75m yen equivalent refinancing for Indian Railway Finance Corporation looks set to be awarded to the joint bid by ABN Amro and State Bank of India. The debt will refinance an Asian Development Bank loan. Pricing is expected to be around 200bp over Libor.

ALTHOUGH half of the Euromarket seems to be away on vacation, we received more than a dozen calls regarding our friend and folklore hero, Stephen West, the man who has been a major contributor to the success of Warburg Dillon Read. Was he really about to leave and was it true that Edson Mitchell at Deutsche Bank was offering gifts worth $3m per annum? The answer, regrettably, is that we don't know exactly -- and as West is on holiday events may not unfold until his return. He has always played his cards close to the chest and makes the taciturn David Solo seem like a Ruby Wax-style 'Motormouth'.

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THE LATIN new issue market ground to a complete halt this week as spreads across the emerging markets moved out to levels not seen since the Mexican peso crisis in December 1994. Many investors and trading desks have pulled out of the market altogether. With the fears about Russia's financial predicament pulling the rest of the market down, the closely followed JP Morgan Emerging Market Bond Index Plus (EMBI+) hit a highest yield of 911bp on Wednesday from 575bp in mid-July -- the worst level since the 1994/95 Mexican crisis peak of 1924bp.